How Do You Let Someone Take Over Car Payments?
Allowing someone to take over your car payments, and whether this can be done, depends entirely on the lender with which you have signed your automobile loan. Since automobiles are depreciating assets, meaning they decline in value over time, some banks and lenders may prefer that you find someone to take over or assume the loan so that the bank doesn’t lose money. The person who assumes the loan, though, must meet credit requirements just as you did when initially purchasing the automobile. Advertise the automobile to find a potential buyer. Pay for an advertisement in the automobile section of a newspaper or trading post. Specify the make, model and year the automobile in the advertisement, as well as the total remaining amount of your loan. Write other details as appropriate, such as the car’s condition and extra features. Place your contact information in the ad. Instruct the individual to go to annualcreditreport.com, a centralized credit report service website created by TransUni
